Telecom, services draw big FPI flows; IT faces selloff in late May

In the latter half of May, foreign funds favored telecom, services, capital goods, and consumer goods, with telecom experiencing significant inflows due to the Singtel-Bharti Airtel deal. Conversely, IT saw the largest outflows amid concerns about the US economy and geopolitical shifts. Investors realigned portfolios, recognizing unwarranted sell-offs in services and FMCG sectors due to a rural demand pickup.

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